PARENT COMPANY ONLY

12 Months Ended

Dec. 31, 2023

PARENT COMPANY ONLY

PARENT COMPANY ONLY

18. PARENT COMPANY ONLY

The following is condensed financial information for Citizens & Northern Corporation:

CONDENSED BALANCE SHEET	Dec. 31,		Dec. 31,
(In Thousands)	2023		2022
ASSETS
Cash	$	14,822	$	17,867
Investment in subsidiaries:
Citizens & Northern Bank		272,286		254,809
Citizens & Northern Investment Corporation		11,087		12,453
Bucktail Life Insurance Company		3,733		3,637
Other assets		200		33
TOTAL ASSETS	$	302,128	$	288,799
LIABILITIES AND STOCKHOLDERS' EQUITY
Senior notes, net	$	14,831	$	14,765
Subordinated debt, net		24,717		24,607
Other liabilities		199		102
Stockholders' equity		262,381		249,325
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	302,128	$	288,799

CONDENSED INCOME STATEMENT
(In Thousands)	2023		2022		2021
Dividends from Citizens & Northern Bank	$	19,405	$	19,483	$	20,200
Dividends from Citizens & Northern Investment Corporation		1,800		0		0
Expenses		(2,003)		(1,695)		(1,691)
Income before equity in undistributed income of subsidiaries		19,202		17,788		18,509
Equity in undistributed income of subsidiaries		4,946		8,830		12,045
NET INCOME	$	24,148	$	26,618	$	30,554

CONDENSED STATEMENT OF CASH FLOWS
(In Thousands)	2023		2022		2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	24,148	$	26,618	$	30,554
Adjustments to reconcile net income to net cash provided by operating activities:
Accretion of purchase accounting adjustment		0		(14)		(43)
Amortization of debt issuance costs		176		170		101
Equity in undistributed income of subsidiaries		(4,946)		(8,830)		(12,045)
Increase in other assets		(167)		0		(29)
Increase (decrease) in other liabilities		97		(41)		(16)
Net Cash Provided by Operating Activities		19,308		17,903		18,522
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of senior notes and subordinated debt		0		0		39,100
Repayment of subordinated debt		0		(8,500)		(8,000)
Proceeds from sale of treasury stock		0		160		212
Purchase of treasury stock		(6,784)		(9,349)		(7,586)
Dividends paid		(15,569)		(15,865)		(15,976)
Net Cash (Used in) Provided by Financing Activities		(22,353)		(33,554)		7,750
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS		(3,045)		(15,651)		26,272
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR		17,867		33,518		7,246
CASH AND CASH EQUIVALENTS, END OF YEAR	$	14,822	$	17,867	$	33,518
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION,
Interest paid	$	1,234	$	1,433	$	1,567